legislation: 93-s-4255
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
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| 93-s-4255 | 93 | s | 4255 | Securities Investor Protection Act Amendments | Finance and Financial Sector | 1974-12-19 | 1974-12-19 | Referred to Senate Committee on Banking, Housing and Urban Affairs. | Senate | Sen. Williams, Harrison A., Jr. [D-NJ] | NJ | D | W000502 | 1 | Securities Investor Protection Act Amendments - Excludes from membership in the Securities Investor Protection Corporation those persons whose head office is located, and whose principal business is conducted, outside the United States. Grants additional power to adopt, amend, or repeal rules and bylaws of the Corporation to its Board of Directors. Provides that matters relating to the determination of dollar volume of trading on exchanges shall no longer be subject to the by laws of the Corporation. Revises the procedure for the promulgation of rules by the Securities Exchange Commission as filed by the Corporation. States that the minimum assessment imposed upon each member of the Corporation shall be $25 per year for the 3 years after the date of enactment of this Act. Authorizes the Securities Investor Protection Corporation to maintain confirmed lines of credit outside of the balance of its Fund, but allows disbursement of amounts received from such lines of credit as though they were a part of the Fund. Expands the term "gross revenues from the securities business" (for purposes of determining assessments to be paid by its members to the Corporation) to include specified fees as a result of services rendered by such dealer. Authorizes self-regulatory organizations to take such actions in liquidation proceedings instituted by brokers or dealers in securties as it deems appropriate to protect the interests of customers of such broker or dealer. Authorizes a court of competent jurisdiction to issue a protective decree if it finds the debtor to be bankrupt within the meaning of the Bankruptcy Act or not able to comply with financial responsibility rules or regulations. Provides for the appointment and compensation of disinterested third parties as attorneys and trustees for the parties to such actions. Defines the term "disinterested" for the purposes of this Act. Revises the provisions relating to the purposes of liquidation proceedings, and enumerates the powers and duties of the trustee in such proceedings. Makes special provision with respect to customer-related property and the purchase of securities by the trustee. States that, in order to provide for prompt payment and satisfaction of net equities of customers of the debtor, SIPC shall advance to the trustee such moneys as may be required to pay or otherwise satisfy claims for the amount by which the net equity of each customer exceeds his ratable share of customer property but only to the extent that the amount of such excess shall not exceed $100,000 for such customer, except in specified circumstances. Provides for a direct payment procedure in lieu of a liquidation proceeding where the SIPC determines that any member has failed or may fail to meet its obligations to its customers and that the aggregate of such obligations is less than $250,000. Provides that each self-regulatory organization shall act as collection agent for SIPC to collect assessments payable to SIPC. Makes it unlawful for any member of SIPC who fails to pay his assessment to engage in business as a dealer or broker. Provides that whoever defrauds or attempts to defraud the SIPC by any means shall be fined up to $50,000, imprisoned up to five years, or both. | 2025-09-03T12:53:26Z |